KUALA LUMPUR, Malaysia -- In an unprecedented move, Malaysia's largest trade union organization has criticized government management of the country's national pension fund and is urging its members to picket the fund's offices next month in protest.

The Malaysian Trade Union Congress is particularly angry at the state-run Employees Provident Fund's 269 million ringgit ($70.8 million) investment in an initial public offering by Time dotCom Bhd., a company controlled by the Renong Bhd. conglomerate, which has historic links...